ALFI DEADLINE ALERT
SecuritiesLitigation Partner James (Josh) Wilson Encourages Investors Who Suffered LossesExceeding $100,000 In Alfi To Contact Him Directly To Discuss Their Options
NEW YORK - (NewMediaWire) - December 15, 2021 - -- Faruqi & Faruqi, LLP, aleading national securities law firm, is investigating potential claims againstAlfi, Inc. (“Alfi” or the “Company”) (NASDAQ: ALF, ALFIW) and reminds investorsof the January 31, 2022 deadline to seek the role of lead plaintiff in afederal securities class action that has been filed against the Company.
Ifyou suffered losses exceeding $100,000 investing in Alfi stock or optionsbetween May 4, 2021 and November 15, 2021 and would like to discuss yourlegal rights, call Faruqi& Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additionalinformation: www.faruqilaw.com/ALF.
Thereis no cost or obligation to you.
As detailed below, the lawsuitfocuses on whether the Company and its executives violated federal securitieslaws by making false and/or misleading statements and/or failing to disclosethat: (1) Alfi maintained deficient disclosure controls and procedures andinternal control over financial reporting; (2) as a result, the Company and itsemployees could and did engage in corporate transactions and other matterswithout sufficient and appropriate consultation with or approval by theCompany's Board of Directors (the "Board"); (3) all the foregoingincreased the risk of internal and regulatory investigations into the Companyand its employees; (4) all the foregoing, once revealed, was likely to have amaterial negative impact on the Company's reputation, financial condition, andability to timely file periodic reports with the SEC; and (5) as a result, theCompany's public statements were materially false and misleading at allrelevant times.
On October 28, 2021, Alfidisclosed in an SEC filing that, on October 22, 2021, the Board had placedChief Executive Officer ("CEO") Paul Antonio Pereira ("P.Pereira"), Chief Technology Officer Charles Raglan Pereira ("C.Pereira"), and Chief Financial Officer ("CFO") Dennis McIntosh("McIntosh") "on paid administrative leave and authorized anindependent internal investigation regarding certain corporate transactions andother matters." That filing further disclosed, among other changes, thaton October 22, 2021, the Board had appointed a new interim CEO and Chairman ofthe Board, and that "[o]n October 28, 2021, Mr. C. Pereira's employmentwith the Company was terminated."
On this news, Alfi's stockprice fell $1.24 per share, or 21.91%, to close at $4.42 per share on October29, 2021.
On November 1, 2021, Alfidisclosed in another SEC filing, among other matters, that the Company's Chairof the Audit Committee had resigned from the Board, and details concerning thecorporate transactions and matters that had precipitated the internalinvestigation into P. Pereira, C. Pereira, and McIntosh. According to thatfiling, the internal investigation resulted from "the Company's purchaseof a condominium for a purchase price of approximately $1.1 million" and"the Company's commitment to sponsor a sports tournament in the amount of$640,000," both of which "were undertaken by the Company's managementwithout sufficient and appropriate consultation with or approval by theBoard."
Then, on November 15, 2021,Alfi disclosed that it "received a letter from the staff of the [SEC]indicating that the Company, its affiliates and agents may possess documentsand data relevant to an ongoing investigation being conducted by the staff ofthe SEC" and "that such documents and data should be reasonablypreserved and retained until further notice." According to Alfi,"[t]he materials to be preserved and retained include documents and datacreated on or after April 1, 2018 that[,]" among other things, "werecreated, modified or accessed by certain named former and current officers anddirectors of the Company or any other officer or director of the Company"or "relate or refer to the condominium or the sports tournamentsponsorship identified in the Company's Current Report on Form 8-K filed onNovember 1, 2021, or financial reporting and disclosure controls, policies orprocedures."
Also on November 15, 2021,Alfi announced "that Louis A. Almerini, CPA, has been appointed by the[Board] to serve as interim [CFO], effective November 8, 2021."
Finally, on November 16,2021, Alfi filed a notice of its inability to timely file its quarterly reporton Form 10-Q with the SEC for the quarter ended September 30, 2021 (the"3Q21 10-Q"). That filing cited, inter alia, "recent changes inthe Company's [CEO] and [CFO] and in the Chair of the Audit Committee" ofthe Board, as well as needing "a new independent registered publicaccounting firm," as reasons for the Company's inability to timely filethe 3Q21 10-Q.
Following these disclosures,the Company's stock price fell $0.24 per share, or 5.21%, to close at $4.37 pershare on November 16, 2021.
As of the time the complaintwas filed, the price of Alfi common stock and warrants were trading below the$4.15 per share Offering price, damaging investors.
The court-appointed leadplaintiff is the investor with the largest financial interest in the reliefsought by the class who is adequate and typical of class members who directsand oversees the litigation on behalf of the putative class. Any member of theputative class may move the Court to serve as lead plaintiff through counsel oftheir choice,or may choose to do nothing and remain an absent class member. Yourability to share in any recovery is not affected by the decision to serve as alead plaintiff or not.
Faruqi & Faruqi, LLP alsoencourages anyone with information regarding Alfi’s conduct to contact thefirm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The lawfirm responsible for this advertisement is Faruqi & Faruqi, LLP(www.faruqilaw.com). Prior results do not guarantee or predict a similaroutcome with respect to any future matter. We welcome the opportunity todiscuss your particular case. All communications will be treated in aconfidential manner.
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Faruqi & Faruqi LLP